An Analysis of the Operation of Title I of the Federal Housing Administration Act Page: 22
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22
a new structure to be used in whole or in part for agricul-
tural purposes, exclusive of residential purposes, the in-
terest rate is not to exceed three and one-hiaf per cent
discount ($ .50 discount per 100,00 per year), if a-
turity date is in excess of seven years and thirty-two
days,. 1
The table on the following page shows the maximum
finance charge permitted on unpaid balances up to $5,000,00,
and maximum maturity dates on the different types of in-
provements eligible for the FA plan.
The maximum amounts and aximn maturities shown in
Table 1 are in accordance with the standard FA plant how-
ever, Regulation "W"2 and ar Production Board rulings
altered these maximum a in some cases for the duration of
the war.
No down payment is required by ; however, a down
payment must be secured whenever called for by Regulation
Federal Housing Administration, Bulletin, July 1,
1944, p. Z
2Regulation " applies in eneral to any person
asking an extension of credit for home larovement to the
amount oef ,00000 or less. It in fact indicates excep-
tions to the usual rules under which loans are granted,
indicating the term of the loan and the period of time
during which it is to be repaid. It permits loans for
the purchase of consumer's durable goods and regulates
the borrower's relationships with the bank, the loan com-
pany, these dealer, and the retailer.
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Granstaff, Shelie Monroe. An Analysis of the Operation of Title I of the Federal Housing Administration Act, thesis, 1947; Denton, Texas. (https://digital.library.unt.edu/ark:/67531/metadc53505/m1/28/: accessed April 25, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .